Flint, MI—For years, a former Flint pastor and woman tricked individuals into investing with them by saying it was what God wanted them to do.
Now, with more than 140 victims and $9.3 million in losses, the duo has been sentenced to a total of about 12 years in prison for fraud.
On Oct. 8, U.S. District Court Judge Laurie Michelson sentenced former Flint pastor Larry Holley to 100 months in prison, and his associate, Patricia Gray, to 42 months in prison.
Holley, 64, lived in Grand Blanc but was the pastor of Abundant Life Ministries International Church in Flint. Gray, 60, of Flint, was his paid associate. According to the indictment document, beginning around 2014, the two worked together to find and convince individuals to turn over their retirement funds and other savings to Holley’s company, Treasure Enterprise, LLC, for “real estate investments.”
They held financial seminars and “Blessed Life Conferences” at various churches, and told individuals that the investments would be highly profitable and risk-free. Holley told them that investing in real-estate was what God wanted them to do. Specifically, he said God wanted them to invest their money with men and women of God rather than bankers.
The sentencing memorandum court document for Holley states that he told attendees at one conference that they could not lose by investing with him:
“We’re going to trust God for some big things here. I’m going to pray with you tomorrow. I’m going to release the anointing of the business, you know, in real estate,” he said. “Amen. Don’t be afraid of real estate. Don’t be afraid. You’re not going to lose. You’re not going to lose.”
According to the indictment document, Holley and Gray would ask conference attendees to fill out cards disclosing their financial resources, their savings, and their goals. Holley promised to pray over the cards, and then members of their team met with people individually to discuss using their retirement money for investments with the company.
Once an individual agreed to invest, they were assured that their funds would be “rolled over into qualified retirement accounts without tax penalties,” according to Holley’s sentencing memorandum. But instead, the funds were usually deposited into Treasure Enterprise’s business account, resulting in “substantial tax consequences for the investors.”
Holley and Gray also got individuals with good credit scores to take out personal loans to invest with Treasure Enterprise, promising them that the company would make all loan payments and provide them with additional income.
According to the sentencing memorandum document, they knew that funds being generated by Treasure Enterprise “were insufficient to repay investors the promised return.” When investors attempted to contact Holley about late or missing payments, they were ignored or given excuses.
Holley’s solution was to find more investors, whose funds would then be used to repay earlier investors. This “multi-year Ponzi scheme” went on and on without Holley and his team informing new investors about their financial difficulties, or that their money would be used to pay earlier investors.
On March 28, 2017, the Securities and Exchange Commission (“SEC”) initiated a civil case against Treasure Enterprise, Holley, and Gray in the Eastern District of Michigan. A receiver was appointed to manage assets, and “has identified approximately 142 victims of the investment scheme, who suffered losses of approximately $9.3 million in principal investment amounts.”
In addition to suffering financial hardships, the sentencing memorandum document states that the victims were also caused “severe emotional distress, with many victims living with anxiety, stress, shame, and the betrayal of trust they had placed in people who came to them as Christians.”
On April 4, 2018, the case was taken to U.S. District Court. In 2019, Holley and Gray each pleaded guilty to a single count of conspiracy to commit wire fraud and mail fraud.
It’s about time these two lying scoundrels were sentenced! Larry Holley is a wolf in sheep’s clothing. And Gray is too. He nor Gray are in the Kingdom of God. They are pretenders. Gray has been working at McCree Theatre and has not paid one cent of restitution. From 2017 to present Holley has not paid one cent of restitution. They know the Bible, but did not live the Bible. The word still applies to them, “be not deceived, God is not mocked, whatsoever they sowed, they reap.”
Do you know these people personally. If not you a bitch for judging other people and not yourself
I almost invested with Mr. Holley and Ms. Gray. I am so glad I didn’t. Something just didn’t feel right for me!
@Pedro I have known Larry Holley for 50 years since our school days. I am not judging Holley or Gray. They did what they were charged with and plead GUILTY to. In fact, they DID MORE than what they confessed to. Counts 2-11 were dropped because they took a plea. Several of my friends and acquaintances lost $ in his scheme. Look in your mirror and you may see the b××××. God’s word applies to ALL of us. Sow it, Reap it.
SO GLAD that these two FAKERS got their much deserved prison sentences. I worked for Larry Holley in the early 90’s and he was a ASS back then too, not a real Christian to me! He still owes me a lot of money that I will probably never see. I am glad he left the Church we were going to! He needed to go, He was such a cheat and a scammer, and a liar! Also, I once dated Patricia Gray and wanted to marry her, She turned out to be another ASS! Another fake Christian! . They need to be in jail for much longer than their sentences! Will all the people who got ripped off by them get their money back?? NO! Larry Holley has NEVER repaid anyone he ripped off and neither has Patricia! Their radio shows on WFLT AM1420, a Christian station here, were big JOKES and I am glad they stopped airing them! I agree with Concerned Reader too, WHAT ASSININE JOKES they both are!
Sin always comes and collect when you least expect it, in the scripture it tells us clearly do not make my house a den of thieves if people would use common since and stop believing lies because every one is not a man of or women of God Jesus said the thief comes too kill steal and destroy the bible talks about liar and crooks Jesus said your father is the devil and the works of your father you will do. He is not the only one they are stealing from the body of believers everyday they just have not been caught yet Remember pimping ain’t easy because a pimp wants her mind then he can control the body it seems to work well in the body of Christ
100 months is approximately 8 years.
Right R ! They both need to get 100 YEARS! All the people who got ripped off by them will never get their money back because they probably spent it all on themselves and not for the intended purpose they lied about! You just can’t trust no one in Church. Only Jesus and God are true and everyone else is a liar!
Why does Patricia Gray get only 42 months which is 4 years and Larry HELLey get 100 years?? They both should get much longer sentences. I also agree with Ira Gilbert. Too many people call themselves people of God in Church and they are such liars, crooks, pimps outside of Church! Why do they fake it when God knows what really is going on with them? They can’t fake it before Him! Let this be a lesson to all! You just CAN’T trust NO ONE in Church!! Trust only GOD! Too many fakers do not represent Him one bit and they will go t Hell faster than the unbelievers! I wish Christians would be REAL before people.
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